The US administration has ramped up its secondary sanctions programmes against those whom it considers rogue states. Today more than ever, non-US companies outside the US jurisdiction are compelled to comply with these sanctions programmes. When UK-based Cynergy Bank refused to pay the interests it owed to a Cyprus-based counterpart, Lamesa Investments, on a £30 million loan stipulated before Lamesa's was caught in the net of US sanctions, the British High Court held that Cynergy's behavior was legit under British law. Joy Macknight, managing editor of The Banker magazine, discusses with podcast host Jacopo Dettoni the implications of the Lamesa-Cynergy case on non-US banks and foreign investors. Also featured in the podcast (in order of appearance):
- Antonios Tzanakopoulo, associate professor of Public International Law, University of Oxford;
- David Harris, partner, Norton Rose Fulbright;
- Iain Stewart-Linnhe, founder, SanctionsAML.com; author of "Cross-border sanctions AML";
- Leigh Hansson, partner, ReedSmith.